Singapore Is White And Signs Are Bright

Singapore made its way to the "White List" ( a list of jurisdictions deemed to have

substantially implemented OECD standard for transparency and exchange of information) maintained by the Organization for Economic Co-operation and Development (OECD) after signing a 12th bilateral information sharing agreement with the French Government. The OECD requires a country to seal 12 such deals before it can join the white list.

Earlier in April 2009, European countries and the US had launched a campaign against tax havens, in order to prevent tax avoidance efforts of citizens and businesses holding funds in such jurisdictions that were potentially out of reach of domestic tax authorities. It had "grey listed" Singapore for non compliance to information sharing standards and for lack of legislations allowing information sharing with tax authorities.

Singapore will also be playing an active role in the Global Forum on Transparency and Exchange of Information, as the vice chairman of the Global Forum's Peer Review Group. Singapore parliament has also given the nod for legislative changes that allows for exchanges of information with the tax authorities of other countries where specific information is requested. Although the legislative amendments allow for exchange of information it will not entertain any 'fishing expedition' whereby requests without substantial base or those that are frivolous will have to be avoided.

The finance minister also revealed plans of signing similar agreements with other countries thus sending a strong signal to the financial community and other governments that the city state endeavors to create a well regulated and responsible financial jurisdiction. It soon signed a DTA with Brunei which became 13th such pact. Singapore has signed similar agreements with Belgium, New Zealand, the UK, Denmark, the Netherlands, Australia, Austria, Norway, Qatar, Mexico and Bahrain.

In the emerging new world order Singapore strives to sustain its competitiveness and attractiveness for enterprises and investors to park their assets. Singapore has low tax rate, a thriving enterprise ecosystem, political stability, a pro business environment, high standard of living and also diligently ups its value proposition by promptly confirming to evolving economic environment.

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Tags: Singapore company registration, singapore company incorporation,singapore company setup

by: John Media

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